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  #2741  
Old Posted Apr 17, 2019, 1:01 PM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by the urban politician View Post
Your six flat is not a good example.

1. You never sold it. So Crook County doesn’t have sales data (yet) to use against you
2. Comps in your area are just not nearly that high—yet.

If you head out east, the County is already wising up to what Pilsen properties can sell for, and the taxes are on their way up.

And forget about north side hoods.
My two flat in Logan square pays almost half what my parents do. I started paying $3400/ year on it and it has only risen to like $3800 since 2011 despite waves of tax increases and it being worth more than triple what I paid for it.

In fact, not a single property I own (all multi units) pays anywhere near that my parents pay on their house and each one with worth more than their house and is bigger SF wise.
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  #2742  
Old Posted Apr 17, 2019, 1:16 PM
Rooster slayer Rooster slayer is offline
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https://chicago.suntimes.com/busines...museum-campus/
Anyone post this thing yet. Hope thread works, I'm on my phone. Big transportation upgrade to connect soldier field museums etc.. with development over the tracks
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  #2743  
Old Posted Apr 17, 2019, 4:07 PM
the urban politician the urban politician is offline
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Originally Posted by LouisVanDerWright View Post
My two flat in Logan square pays almost half what my parents do. I started paying $3400/ year on it and it has only risen to like $3800 since 2011 despite waves of tax increases and it being worth more than triple what I paid for it.

In fact, not a single property I own (all multi units) pays anywhere near that my parents pay on their house and each one with worth more than their house and is bigger SF wise.
Doesn't your two flat in Logan Square get a live in owner-occupied exemption?

Anyhow, there is really little to discuss here. I can tell you what my property taxes are on my north side properties and I'm pretty sure it blows away what your parents are paying.

My Pilsen properties still pay far less, but like I said, the city is "catching up" slowly. The County Assessor is definitely wising up to sales comps.
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  #2744  
Old Posted Apr 17, 2019, 11:43 PM
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Hourstrooper Hourstrooper is offline
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Thank God for pritzker!

https://chicago.suntimes.com/news/me...s-state-funds/



Now were talking!!!
@ new metra stations coming to Chicago

Glad we have a pro development governor!!!
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  #2745  
Old Posted Apr 18, 2019, 2:25 AM
marothisu marothisu is offline
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Originally Posted by Hourstrooper View Post
https://chicago.suntimes.com/news/me...s-state-funds/



Now were talking!!!
@ new metra stations coming to Chicago

Glad we have a pro development governor!!!
That's great. One of my things was always how there wasn't a train stop up near Devon Ave. Not that this is right there but it's going to be under a half mile to Devon and Ridge from this. The Rogers Park Metra Stop is double that distance to Devon and Ridge and the Red Line is a little further. it would be cool if they added more CTA stops too...
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  #2746  
Old Posted Apr 18, 2019, 3:01 AM
Barrelfish Barrelfish is offline
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The Chicagoland Chamber of Commerce commissioned a study on the economic impact of the proposed One Central development. I'm not exactly sure why, but they decided to stuff the report full of all sorts of really cool data on downtown development that is only tangentially connected to One Central.

Full report is here. Among other things it includes:
  • Where commuters to downtown come from and the mode they use to get there
  • CTA transit density compared to population and jobs
  • Jobs within commuting distance by location
  • Employment, population, and income trends
  • Vacant land and land absorption
  • Distribution of hotel rooms vs. tourist destinations
  • Museum campus and McCormick attendance over time

Regardless of what you think of One Central, this is definitely a valuable resource for thinking about downtown economic development.
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  #2747  
Old Posted Apr 18, 2019, 2:03 PM
Chi-Sky21 Chi-Sky21 is offline
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It would be a big deal, those buildings will have ground floor retail/food options, think of all the people who would go there to pregame before any functions at Soldier field, northerly island, McCormick, even the museums, you could leave and eat somewhere nicer across the way. I don't care if it is not the size they are proposing now , but i think it would be a great addition especially if you even get half the public tran improvements they are talking about.
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  #2748  
Old Posted Apr 20, 2019, 12:35 AM
galleyfox galleyfox is offline
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So basically the Illinois legislature is proposing that you can keep your Berrios tax break for a couple years if your new construction or rehab meets certain affordable housing requirements.

https://www.chicagobusiness.com/opin...le-housing-fix
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  #2749  
Old Posted Apr 20, 2019, 1:33 PM
the urban politician the urban politician is offline
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^ Not a bad idea
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  #2750  
Old Posted Apr 23, 2019, 6:58 PM
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aaron38 aaron38 is offline
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Originally Posted by ardecila View Post
...but there's no way anyone will approve a business that sells package liquor so close to the CHA housing and multiple schools.
When did that racist as eff law get passed? Funny how I can point to multiple grocery and drug stores in the burbs that all sell booze, that are near schools or dense apartment complexes (section 8).
Funny how Lane Tech on Addison has a Jewel, Walgreens and Mariano's right next door. Guess what they sell? That's clear unequal treatment under the law.

Liquor sales are carded, and it's not illegal for a public housing resident to buy a 6-pack. How can packaged liquor sales be blocked?

So exactly how far from CHA or a south side school does a Walgreens have to be before it's okay?
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  #2751  
Old Posted May 3, 2019, 1:31 PM
the urban politician the urban politician is offline
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How about some economic news, guys?

Good to see consolidation going our way in this industry:

https://www.chicagobusiness.com/fina...-consolidation
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  #2752  
Old Posted May 3, 2019, 3:51 PM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by the urban politician View Post
Good to see consolidation going our way in this industry:

https://www.chicagobusiness.com/fina...-consolidation
It's actually amazing how much of an industry this is in Chicago. My wife now works for a big wealth management/private equity firm downtown and it's crazy how many people have like $30 million or $110 million because they founded some obscure business or turned around a failing store brand. You wouldn't think much of the industry for wealth management would be here, but a lot of the more botiquey firms (not the big financial corporate types which are all in NY) are based out of Chicago.
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  #2753  
Old Posted May 3, 2019, 9:03 PM
Via Chicago Via Chicago is offline
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Originally Posted by the urban politician View Post
Good to see consolidation going our way in this industry:

https://www.chicagobusiness.com/fina...-consolidation

hooray for the professional tax avoidance industry. im sure it is in fact a good racket for those who happen to be a part of it

https://www.amazon.com/Capital-witho.../dp/0674743806
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  #2754  
Old Posted May 3, 2019, 9:36 PM
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Steely Dan Steely Dan is offline
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please keep politics in the politics thread.
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  #2755  
Old Posted May 4, 2019, 2:19 PM
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ardecila ardecila is offline
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Originally Posted by aaron38 View Post
When did that racist as eff law get passed? Funny how I can point to multiple grocery and drug stores in the burbs that all sell booze, that are near schools or dense apartment complexes (section 8).
Funny how Lane Tech on Addison has a Jewel, Walgreens and Mariano's right next door. Guess what they sell? That's clear unequal treatment under the law.

Liquor sales are carded, and it's not illegal for a public housing resident to buy a 6-pack. How can packaged liquor sales be blocked?

So exactly how far from CHA or a south side school does a Walgreens have to be before it's okay?
Liquor laws in Illinois are SUPER complicated and arcane, a ton of moralizing BS left over from Prohibition. The Women's Christian Temperance Union, one of the key advocates for Prohibition originally, was headquartered in Evanston. Even after Prohibition was repealed, do-gooders have been trying (and succeeding) to make it difficult to get a drink.

Here's a quick overview:

The state has an ban on liquor licenses within 100' of any church, school, library, hospital, or old folks' home. 100' isn't very far at all in the suburbs where things are spread out, but in the city even one little storefront church on a side street can affect liquor licensing on a major commercial street. Originally the only way around this was an act of the state legislature to grant an exemption (and providing convenient opportunities for politicians to extort business owners). Now the exemptions can be granted at the local level by aldermen (which is also problematic, see bribery) but Emanuel is pushing to have those exemptions granted by an appointed board instead.

Totally separate from the "sensitive uses" ban are two other forms of ban. 1) Individual precincts can vote themselves dry, which is a total ban on liquor licenses of all kinds. Existing licenses cannot be renewed following a dry vote and new ones cannot be issued. There are no exemptions allowed after a dry vote, there would have to be a second vote held to declare the precinct wet.

2) There's also a moratorium, which is a lower form of ban that allows exemptions to be granted by the alderman with an act of City Council. This comes in two flavors, on-premises consumption for taverns and package sales for liquor stores. This is pitched as a way for the community to shutter problematic businesses that attract crime (or "undesirables") but also acts as yet another way for aldermen to extort business owners.


I won't deny that there's racist aspects to certain parts of these laws, or the way that white communities can utilize the laws, but it's really more about corruption and pay-to-play than racism. Many all-minority precincts have voted themselves dry, for instance, because they believe liquor stores and bars (often owned by non-black or non-Latino immigrants) bring increased crime to their communities. Often these laws are used as a weapon against one or two specific businesses that the voters just don't like.


For the area at 15th/Blue Island, the whole neighborhood has a moratorium on taverns and package good sales, so the alderman would have to approve a new liquor license at that location after taking feedback from the community - and many black communities, or at least the politically active members of those communities, are strongly opposed to liquor sales. But superseding that is the Congressman GEorge Collins Apartments across the street, which is senior housing within 100'. Under the most recent laws, a separate liquor license exemption would also need approval by the Liquor Control Commission to get around the sensitive uses ban as well as the alderman to lift the moratorium.
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Last edited by ardecila; May 4, 2019 at 2:33 PM.
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  #2756  
Old Posted May 6, 2019, 7:00 PM
pullmanman pullmanman is offline
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Why the Washington Post loves Chicago tech

https://www.chicagobusiness.com/john...s-chicago-tech

Quote:
The Washington Post’s digital publishing software unit is ramping up its technology team in Chicago.

Arc Publishing plans to hire dozens of engineers here this year as it broadens its reach to include broadcasters and other companies outside the publishing business.

The company declined to disclose its local headcount, but Arc hired more than 100 people over the past 18 months.
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  #2757  
Old Posted May 7, 2019, 4:14 PM
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Thanks Ardecila, good info. Doesn't that affect the 'food desert' issues many neighborhoods face? Would a Jewel be more likely to open in a neighborhood if they were allowed to have a liquor section?



Chicago anticipated to be nation’s weakest major housing market in 2019
Quote:
As mortgage rates are slowly creeping up to 5.5 percent, home sales are expected to slow nationwide. However, the slowdown is anticipated to be nearly four times worse in Chicago than in the rest of the nation.

Illinois homeowners are subject to the highest overall tax burden in the country, including the second highest property taxes in the nation. They’re also weathering the largest permanent income tax hike in state history. As these costs rise, the value of homeownership in the Land of Lincoln falls relative to other areas, reducing demand for housing.
https://www.illinoispolicy.org/chica...arket-in-2019/
I'm glad we moved last year and got that out of the way.
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  #2758  
Old Posted May 7, 2019, 4:17 PM
the urban politician the urban politician is offline
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^ Where'd you move to?

Yep, this is definitely going to be a tough run. I don't expect to make any money off of our house (not that I plan to sell any time soon). Home ownership in this State is mostly money down the toilet. Luckily demand for my rentals will remain strong, especially with supply of new construction likely to be constrained in upcoming years.
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  #2759  
Old Posted May 7, 2019, 7:09 PM
moorhosj moorhosj is offline
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Originally Posted by aaron38 View Post
As mortgage rates are slowly creeping up to 5.5 percent, home sales are expected to slow nationwide. However, the slowdown is anticipated to be nearly four times worse in Chicago than in the rest of the nation.

Illinois homeowners are subject to the highest overall tax burden in the country, including the second highest property taxes in the nation. They’re also weathering the largest permanent income tax hike in state history. As these costs rise, the value of homeownership in the Land of Lincoln falls relative to other areas, reducing demand for housing.
https://www.illinoispolicy.org/chica...arket-in-2019/
I wouldn't suggest taking investment advice from the Illinois Policy Institute. They pretty clearly have an agenda. Especially when they making claims like the mortgage rate being 5.5% or Illinois having the largest tax burden in the country. Neither of those statements are true.
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  #2760  
Old Posted May 7, 2019, 7:19 PM
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I stayed in Palatine. Moved to a bigger house so I can pay more property taxes that I can’t deduct. But at least I’m off Palatine Road (4 lanes with semis) so my son can play with the kids across the street.
Just saying if the housing market does go to hell I’m prepared to sit tight for the next 15 years.
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